Ellenbarrie Industrial Gases IPO Opens: Should You Subscribe? Key Dates, GMP, Issue Structure Explained

The ₹977 crore IPO opened for subscription today, with a ₹7 grey market premium. Experts suggest applying at the upper price band.

Mumbai | June 24, 2025:
The initial public offering (IPO) of Ellenbarrie Industrial Gases Limited opened for public subscription today, aiming to raise ₹977 crore through a combination of fresh issue and offer-for-sale (OFS). The IPO will remain open till June 26, with the price band set between ₹380 and ₹400 per equity share.

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Of the total ₹977 crore, ₹400 crore will be raised through a fresh issue, while the remaining ₹577 crore will be via an OFS by promoters Padam Kumar Agarwala and Varun Agarwal.

IPO Structure and Utilization of Funds

• Fresh Issue: ₹400 crore
  • ₹210 crore for debt repayment
  • ₹104.5 crore to establish a new 220 TPD air separation unit at the Uluberia-II facility
• Offer for Sale: 1.44 crore shares (~₹577 crore at upper band)

Ellenbarrie’s outstanding debt as of April 2025 stood at ₹264.2 crore. The debt reduction and expansion are expected to improve profitability from FY26 onwards.

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Key Dates

• Subscription Window: June 24–26
• Allotment Basis Finalization: June 27
• Refunds and Demat Credit: June 30
• Listing on BSE & NSE: July 1

Lot Size and Allocation

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• Lot Size: 37 equity shares (and multiples thereof)
• QIBs: 50%
• NIIs: 15%
• Retail Investors: 35%

Grey Market Premium (GMP)

The current GMP is ₹7, indicating that shares may list around ₹407, a 1.75% premium over the upper band price of ₹400. Experts tracking grey market trends report the GMP has ranged between ₹0 and ₹12 over the last 12 sessions, signaling a moderate but positive sentiment.

Should You Subscribe?

Brokerage firms such as SBICAP Securities note Ellenbarrie’s strong presence in East and South India, secured contracts with take-or-pay clauses, and rising argon-based high-margin revenue.

At ₹400/share, the stock trades at a P/E of 67.7x FY25 EPS, which is below peer Linde India, suggesting some value. Analysts are recommending subscribing at the cutoff price, especially for long-term investors focused on infrastructure and manufacturing growth.

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